By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Sign In
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
  • Home
    • About us
    • About Hinza Asif
  • News
    • Cryptopedia
      • Blockchain News
      • Bitcoin News
      • Ethereum News
      • Altcoin News
    • Latest Metaverse & NFT News
      • Metaverse & NFT Games
      • Virtual Land
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
    • Event List
Search
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit Press Release
  • Submit NFT Project
© 2022 NFTStudio24.com News Network. All Rights Reserved.
Reading: North Korean Hacker Group Stole $625M Worth of Crypto, Evading the U.S. Sanctions – US Officials
Share
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Search
  • Home
    • About us
    • About Hinza Asif
  • News
    • Cryptopedia
    • Latest Metaverse & NFT News
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
    • Event List
Have an existing account? Sign In
Follow US
  • About us
  • Advertise with us
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
  • Global
  • Japan
  • South Asia
  • Partners
  • Community
HOME > News > North Korean Hacker Group Stole $625M Worth of Crypto, Evading the U.S. Sanctions – US Officials
News

North Korean Hacker Group Stole $625M Worth of Crypto, Evading the U.S. Sanctions – US Officials

PR.Dept
Posted PR.Dept April 17, 2022 713 Views 3 Min Read
Updated 2022/06/02 at 10:14 PM
Share
North Korean hacker, North Korean, crypto, Korean hacker, hacker
SHARE

According to the American officials, Lazarus, an alleged North Korean hacker group, stole $625M worth of cryptocurrency. The Treasury Department’s Office of Foreign Assets Control released details on Thursday about Lazarus’ continuous heists over the past years.

The US officials reported on the recent theft that took place on the Ethereum blockchain. The North Korean-backed hacker group, Lazarus stole about $625M from the Ronin Network, which regulates the famous blockchain game Axie Infinity.

The crypto wallet proved to be in the ownership of Lazarus holding 148,000 ether based on the FBI investigations, alarming the authorities on possible North Korean involvement in the Ronin attack.

That address was involved in the Ronin hack, having received 173,600 ETH and 25.5 million USDC from the Ronin Bridge smart contract during the attack. pic.twitter.com/Ab7rr2yYYA

— Chainalysis (@chainalysis) April 14, 2022

The officials also released details on how this theft took place. The hackers exploited the “bridges” in blockchain technology. A bridge is a tool that enables users to do transactions from one network to another. They facilitate users in making transfers in the DeFi world.

According to Elliptic, a blockchain analysis firm, the hackers have already laundered 14% of the stolen amount, and some amount, around 9.7 million, is in process of laundering.

The recently affirmed U.S sanctions by the government prohibit American citizens and companies from making transactions with a recognized Ethereum account. This ensures the Lazarus Group is unable to trace the transfers.

According to the Elliptic, North Korea might be “preparing for nuclear testing” and ballistic missile programs.

Want to purchase NFTs? Here at NFTStudio24, we aim to feature the latest NFT collections and upcoming NFT projects that can help you generate profits at reselling.

About Lazarus Group

Lazarus Group has a history of being involved in the theft. The hackers are identified as a state-sponsored group by North Korea to exploit the blockchain networks and steal funds whenever they see the opportunity.

Lazarus Group was involved in the Sony Pictures hack in 2014 and the WannaCry ransomware attacks in 2017.

According to various reports, Lazarus is suspected of all seven attacks done by North Korea on cryptocurrency transactions. The hackers have stolen over $400M in digital assets, only last year.

They use the “mixer” service to transfer the stolen funds to their wallets, which manipulates the system with identifiable transactions by mixing them with others on the blockchain. Lazarus successfully transferred $80M through Tornado Cash, a protocol for private transactions, through mixing services.

Ronin says, “We are still in the process of adding additional security measures before redeploying the Ronin Bridge to mitigate future risk.” The network plans on completing its security verification and brings back the bridge online by the month’s end.

Sign Up For Daily NFT Drops

Don't miss the next NFT drops!!!
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share this Article
Facebook Twitter Whatsapp Whatsapp
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Bitgert, ethereum, ETH, ethereum price, crypto. trading, blockchain, ethereum blockchain, ethereum cryptocurrency, cryptocurrency, ethereum logo, logo Ethereum Upgrades Reduce Gas Fees, Fighting Off Bitgert’s Zero-Gas Fee Policy
Next Article The Holoverse, Holoverse, la bella principessa NFT, la bella NFT, la bella principessa Hologram, la bella principessa Hologram NFT, Hologram, NFT, La Bella Principessa Hologram The Holoverse Releases the World’s First Holo NFT of La Bella Principessa
Leave a comment

Leave a Reply

You must be logged in to post a comment.

Don’t miss the NFT Drops! Sign up Now

I have read and agree to the terms & conditions

Latest Tweet

Tweets by nftstudio24
  • INTERVIEW, NewsJan 13, 2023

    NFTStudio24 Interview with Michael Sofaer from Pylons, Ryan Day from Blockworks, and Nick Vale from ReNFT

    NFTStudio24 held a podcast interview with Michael Sofaer from
    Read More
  • PRESS RELEASESep 21, 2023

    Partnerships Announced at Climate Chain Coalition Press Conference at UNFCCC Conference in Bonn

    Bonn, Germany, June 1, 2023,  The Slovenian Ministry of
    Read More
  • EVENTS, WEB3Sep 20, 2023

    Stablecoin Summit 2023: How Stablecoin Growth Potential in Asia & Beyond Can Empower Emerging Economies

    Stablecoin Summit concludes its first conference in Singapore by
    Read More
  • PRESS RELEASE, WEB3Sep 20, 2023

    Next Block Expo Returns to Berlin – Leading European Blockchain Festival to be Held on December 4-5th, 2023 at CineStar CUBIX, Alexanderplatz.

    Next Block Expo (NBX), the Blockchain Festival of Europe,
    Read More
  • PRESS RELEASESep 20, 2023

    Blockchain Economy Dubai Summit 2023: Just Two Weeks Away and Buzzing with Anticipation

    Dubai, UAE —The Blockchain Economy Dubai Summit is generating
    Read More
  • EVENTS, WEB3Sep 19, 2023

    TOKEN2049: Singapore Sparks Bullish Sentiment, NFTStudio24 Concludes its Successful Trip

    TOKEN2049 is all about being bullish and celebrating the
    Read More